Domino Data Lab Raises $40M To Manage Clients’ Predictive Models
Domino Data Lab, which provides a test bed to aid in the development of predictive models, as well as tools to monitor models in use, announced today it has raised $ 40 million to grow its data science services and build partnerships.
San Francisco-based Domino is an evangelist for the use of predictive models to increase business efficiency, enhance marketing success, automate processes, and form the basis of new products. For example, the company points to the recommendation models used by Netflix (NASDAQ: NFLX) to deliver the videos a consumer will like, and to pick new shows for Netflix to support.
Domino maintains that businesses need a dedicated platform to create and manage their use of predictive models, distinct from support for software development. That’s because predictive models are like ongoing experiments by data scientists, who can continually improve models and build new ones based on the output of other models, the company says. Data scientists also need greater computing power and a wider range of software and other tools than software developers, Domino holds.
The company, founded in 2013, says it has attracted customers including Allstate (NYSE: ALL), Instacart, Dell (NYSE: DVMT), Monsanto, Bristol-Myers Squibb (NYSE: BMY), EasyJet, Lloyds Banking Group (NYSE: LYG), SunCorp Group, and insurer BNP Paribas Cardif. Domino currently has 100 employees. [Story updated to include number of employees, and the fact that the $40 million fundraising round was a Series D.]
Sequoia Capital and Coatue Management led Domino’s Series D fundraising round, bringing its total capital raised to $81.2 million. The company says it has also received investments from Bloomberg Beta and Zetta Venture Partners.
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